The firm's CEO Jeffrey Smith told CNBC's David Faber on Tuesday that Starboard has been in discussion with News Corp.Starboard is making the case that News Corp. should separate its real estate assets from its news business. Smith said News Corp. should split out its real estate assets, including an interest in REA Group of Australia. The Murdoch family trust controls about 40% of the voting rights of both News Corp. and Fox Corp., making change difficult at either company. On Tuesday, Smith called out the valuation discrepancies between the news and real estate businesses. Meanwhile, News Corp.'s real estate assets trade at eight times, he said.

Source: Wall Street Journal October 17, 2023 15:26 UTC